
\begin{tabular}{l c c c c}
\toprule
 & (1) & (2) & (3) & (4) \\
\midrule
USD Imbalance $\times$ $\Delta$ FX Vol.        & $-1.15^{*}$  &             & $-1.44^{*}$  &             \\
                                               & $(0.55)$     &             & $(0.64)$     &             \\
USD Imbalance $\times$ $\Delta$ Global FX Vol. &              & $-1.16^{*}$ &              & $-1.43^{*}$ \\
                                               &              & $(0.56)$    &              & $(0.67)$    \\
NFA$\times$ $\Delta$ FX Vol.                   &              &             & $0.16$       &             \\
                                               &              &             & $(0.31)$     &             \\
NFA$\times$ $\Delta$ Global FX Vol.            &              &             &              & $0.15$      \\
                                               &              &             &              & $(0.29)$    \\
USD Imbalance                                  & $-0.08$      & $-0.10$     & $-0.08$      & $-0.09$     \\
                                               & $(0.26)$     & $(0.27)$    & $(0.29)$     & $(0.29)$    \\
$\Delta$ FX Vol.                               & $0.64^{***}$ &             & $0.62^{***}$ &             \\
                                               & $(0.17)$     &             & $(0.18)$     &             \\
NFA                                            &              &             & $0.00$       & $0.01$      \\
                                               &              &             & $(0.08)$     & $(0.09)$    \\
\midrule
Num. obs.                                      & $2363$       & $2363$      & $2354$       & $2354$      \\
R$^2$ (full model)                             & $0.62$       & $0.61$      & $0.61$       & $0.61$      \\
R$^2$ (proj model)                             & $0.07$       & $0.04$      & $0.07$       & $0.05$      \\
\bottomrule
\end{tabular}
